龙芯中科：持续保持研发投入，产品具备性价比优势

Investment Rating - The report maintains an "Add" rating for the company [2][3] Core Views - The company has a cost advantage due to its self-developed instruction architecture and core IP, which does not incur licensing fees. The performance of its desktop chip 3A6000 has improved by 60% in single-core and 100% in multi-core compared to 3A5000, and it has already been validated in the market with bulk sales. The server chip 3C6000 is expected to complete productization by Q2 2025 [3][4] - The company achieved a revenue of 308 million yuan in the first three quarters of 2024, a year-on-year decline of 21.94%, with a net loss attributable to shareholders of 343 million yuan, compared to a loss of 207 million yuan in the same period last year [4][5] - The company is focusing on enhancing its sales capabilities while maintaining R&D investments, with a gross margin of 29.97% in the first three quarters of 2024, down 5.82 percentage points year-on-year [5][6] Financial Summary - Revenue for 2024 is projected to be 674 million yuan, with a year-on-year growth of 33.3%. The net profit attributable to shareholders is expected to be a loss of 159 million yuan, improving from a loss of 329 million yuan in 2023 [2][4] - The gross margin is expected to improve to 42.5% in 2024 and further to 45.3% by 2026 [2][4] - The company’s cash flow from operating activities was -266 million yuan in the first three quarters of 2024, slightly better than -282 million yuan in the same period last year [5][6]